Cable & Wireless leads FTSE gains
by Brian Turner
In London on Tuesday, the FTSE 100 closed down fractionally at 5046.8 while the FTSE 250 lost 0.2 percent to 7289.8. Volume was low at 2.6 billion shares traded.
The leading gainer on the FTSE 100 was altnet telecommunications operator Cable & Wireless, which gained 1.6 percent to 142p. The biggest rise in the banking sector was Lloyd’s TSB, which gained 1.2 percent to 468 ½p as hopes for cross-border mergers highlighted after the announcement of the UniCredito/HVB merger.
Pharmaceuticals group AstraZeneca fell 1.2 percent to £22.79 on continuing concerns over Crestor, its cholesterol drug.
Part of the drop on the FTSE 250 had to do with concerns about the housing market which sent most stocks in the sector down. Savills, the property consultant, was down 3.9 percent to 362 ½p. Housebuilder Taylor Woodrow fell 3.9 percent to 326 ½p and Westbury declined 1 percent to 459 ½p.
The exception was Redrow, which gained 2.7 percent to 405p.
Meanwhile, in Europe the FTSE Eurofirst 500 was up 0.2 percent to 1,136.94. Oil stocks were key to the advance as Statoil was up 2 percent to NKr125.50, Eni rose 0.5 percent to €21.97, Royal Dutch advanced 1.1 percent to €50.40, and Repsol was up 1.1 percent to €20.51.
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